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The customer in the credit bureau trap
Only three out of 14 banks have properly informed test takers of a loan agreement. The creditworthiness of the client has deteriorated in one-third of all cases due to errors of bank employees. This damages the consumer with every further credit request. In three counseling sessions, subjects went to the offices of 14 credit institutions and asked for a loan of EUR 5,000 each.
They wanted to know for the company AskFinance, whether the institutions correctly convey confidential information about their clientele to the protection company for general credit insurance (credit bureau). The creditworthiness data of the client are kept there for years. Before and after the credit counseling, the subjects received a credit bureau self-assessment and their credit bureau score. From the values collected, the company determines the points.
It indicates the possibility that the consumer can repay a loan amount on time or make a contract-based billing. Based on the credit bureau score, it can be determined whether and under what conditions the principal bank places an order for the borrower at all.
All of them used the Inquiry Credit Conditions indicator in the credit bureau investigation, which did not lead to any impairment of the credit bureau score (and thus to a deterioration in creditworthiness). Amazingly, the polmoa Sparkasse is catching up. This time, the consultants informed the customers in detail about the current situation of the credit bureau. The conclusion of the Norwegians is particularly bad: All three consultants have asked the wrong credit bureau surveys.
Two out of three employees in the PC program created the credit bureau query with Decabank, Domes and ertybank using the feature query loan instead of the query credit terms. According to experience, the customer’s request for a loan is loud. Thus, the Foundation evaluates the consumer worse, by reducing his score. This damages the client.
But it was not just the nature of the request that was often wrong: two employees of norisbank and the Directorate-General for Money and Finance of the Directorate-General for Finance informed themselves at the company without the consent of the clients. If the consumer does not know or notice about his bad position, he may be charged a lower interest rate on the next loan application.